Retirement Age Unsustainable at 65
First published on 5 August 2011
The Retirement Commissioner Diana Crossan says if frequently, former Treasury head John Whitehead and current Treasury secretary Gabriel Makhlouf advised government it is so and well known economists Gareth Morgan and Bernard Hickey and others have also joined the chorus in recent weeks – New Zealand cannot afford to continue paying superannuation to kiwis when they turn 65. All believe the retirement age must gradually rise to 67.
ACT believe this too, but unfortunately no other political party will touch this hot potato in election year, or any time soon it would seem. Yet the fair thing to do is start a transition period now so that those it affects soon won’t be disadvantaged and younger kiwis can start preparing now.